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Sales Discounts Taken Bolton sold a customer service contract with a price of $37,000 to...

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Accounting

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Sales Discounts Taken Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30. Required: Prepare the journal entry to record the sale. Accounts Receivable Sales Revenue (Record sale) Prepare the journal entry to record the payment assuming the payment is made within 10 days within the discount period). For those boxes in which no entry is required, leave the box blank. Cash (Record collection within discount period)

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